TORONTO, Sept. 21 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC) announced today it has been successful in its bid to acquire MediSystem Technologies Inc. (TSX: MDY) under its previously announced offer. A total of 21,252,327 common shares of MediSystem representing approximately 89.9% of the outstanding common shares of MediSystem (on a fully-diluted basis) were validly deposited to the offer, at the offer expiry. Shoppers has taken up these shares and payment for such deposited shares will be made on or before September 25, 2006. "We are pleased our offer has been accepted and we will now focus on working with the MediSystem management team to help them build an even stronger business," said Glenn Murphy, Chairman and Chief Executive Officer of Shoppers Drug Mart Corporation. Shoppers has also extended its offer to enable those shareholders who have not yet tendered their MediSystem shares to the offer, to deposit their MediSystem shares to the offer. The offer, as extended, will now expire at 8:00 p.m., Toronto time, on October 6, 2006. A notice of extension will be mailed to MediSystem shareholders in the coming days. If Shoppers is successful in acquiring 90% of the shares of MediSystem under the offer, it intends to acquire all of the remaining shares by compulsory acquisition. Upon completion of the compulsory acquisition or alternatively, of a subsequent acquisition transaction, Shoppers intends to de-list the MediSystem shares from the Toronto Stock Exchange. Shareholders are encouraged to tender their remaining MediSystem shares to the offer as soon as possible to receive prompt payment. MediSystem shareholders who tendered to the Cash Alternative will receive $3.80 in cash for each MediSystem common share tendered, and those who tendered to the Share Alternative will receive $0.05 in cash and 0.0808 of a Shoppers common share for each MediSystem common share tendered, subject in each case to adjustment with respect to fractional shares. Shoppers will be filing an updated report under National Instrument 62-103 of the Canadian Securities Administrators in connection with the proposed transaction, a copy of which may be obtained from John Caplice, Senior Vice President, Treasurer and Investor Relations (416) 490-2925. Shoppers Drug Mart Corporation is one of the most recognized and trusted names in Canadian retailing. The Company is the licensor of full-service retail drug stores operating under the name Shoppers Drug Mart (Pharmaprix in QuDebec). With more than 960 Shoppers Drug Mart and Pharmaprix stores operating in prime locations in each province and two territories, the Company is one of the most convenient retailers in Canada. The Company also owns and operates 53 Shoppers Home Health Care stores, making it the largest Canadian retailer of home health care products and services.